Dubai shares surged to a three-year high on Sunday with Emaar Properties driving the upswing.
Emaar, the builder of the world’s tallest structure Burj Khalifa, jumped 4.6 per cent after announcing its plan to build two luxury hotel and serviced apartment towers in central Dubai.
Arabtec Holding, the largest UAE builder by market value, rose to the highest level in almost three weeks. The benchmark DFM General Index gained 1.2 per cent to 1,945.95 points, the strongest close since November 2009.
Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s Asset Management Group, told Khaleej Times that the week started off with real estate stocks leading the way. He said this positive momentum likely to continue. Names that were particularly strong include Emaar, Aldar and Sourouh. Emaar rose strongly on announcement of a new premium project — The Address Sky Views.
“Dubai real estate is showing fundamental strength and the upward move is likely to continue as the marco economy in the UAE continues to improve,” said Khokhar.